National Republican., 1887-04-05
The stringency of the Money Market.

The Stringency OF the Money Market.
The effort made by some Of the officials,
notably Mr.. Jordan, the retiring treasurer,
to show that there will be no stringency in
the money market, is failure because the
st,fngency erists. If any one were to go to
Charleston, s. c., or the Riviera, Italy, and
argue that earthquakes were myth and
existed only in the Imagination Of the peo-
pie, some one would point to the ruined
buildings and ask, "What did thisY' as the
most conclusive answer to such a state
ment. And so IL is with these arguments
as to there being no stringency-no contrac-
tion OF the currency. The fact exists II Is
as visible to the sight as the ruined build
ings at Charleston or Nice, and denial OF
its existence indicates an utter disregard of
truth or an obtuseness without parallel.
Congress by It's dilatorlness prevented the
passage Of the deficiency bill, under which
nearly FIVE million dollars would have been
expended. The dependent pension bill
was vetoed, and that locked UP at least
fifteen millions more. The river and har.
Dor bill met with a pocket veto, and ten
millions more were kept in the treasury
through that, making total Of thirty
millions that ought to have been appro.
priated, and which, II It had been done,
would have made the money market much
easier, although the appropriations, except
in the case Of the deficiency bill, would
not have been available until July.
President Cleveland and Secretary Man.
ming, of the treasury, each notified Con.
that thara ha
lation Of money in the treasury after July
! unless some measures were taken to re.
duce the governments income. These
gentlemen only differed as to the amount,
the first named placing 1t at about eighs
millions and the other at ten to twelve
millions per month.
The Democrats Of the House proved them
selves utterly incapable of dealing with this
question. To natural incapacity was added
factional quarrels, and, on the part Of the
| speaker, the usual Democratic disrega ard OF
the will of the majority, so that nothing
was done In the way OF reducing the sur
| plus. On the contrary, a great deal was
| done to add to the unnecessary accumula.
| tion through parsimonious refusals to ap-
| liSl'idNS bhO dStuuiiJ htCCoSdTI W
pay the legitimate expenses Of the govern.
ment, to inaugurate proper system OF
coast defenses, or to give the so much
needed national aid to assist in the educa-
ton of the illiterate.
A Democratic House refused to appro
pirate money for purposes recognized as
absolutely needful when 1t knew the treas
ury was overflowing. 1t refused to take
any steps to reduce the rapidly accumu-
lating surplus. A Democratic President
vetoed the dependent pension bill, under
which millions Of dollars would have been
expended and gone into the pockets Of the
| poorest people in the country, who are al
the same time the most entitled TO govern.
ment aid, and Democratic House refused
to pass the bill over the Presidents veto,
every Republican voting for it. A Demo.
cratic President pocketed the river and
harbor bill, by which all work on the ma.
tional highways Of the country, over which
the cheapest transportation can be had. ha:
to be suspended, much valuable property
endangered, with the probabilities of very
great damage to work already done.
There is already n great scarcity o.
money, and that scarcity is bound to b:
still greater, because large sums will ac
cumulate and be Locked up in the treasury
The people can see Vho is responsible for il.
The men who own the money, the bank:
and the capitalists, have had placed in
their hands, through the Democratic House
and the Democratic President, the power
to oppress the people. Let them he held
to account for it.